Mortgage Renewal Advice
Renewal time is a great opportunity to revisit your financial goals and ensure you renew your mortgage with your future needs in mind. BMO® Bank of Montreal can walk you through your mortgage renewal options and find a home financing solution that’s right for you.
What happens at renewal?
When the term on your mortgage expires, it’s time for you to select a new one. Your existing mortgage lender will mail you a mortgage renewal notice outlining your renewal options and ask you to select your choice and mail the notice back. The rates may not always be the best rates available or they could even be dated. It’s a good idea to talk with us to make sure you are being offered the best deal and choosing the right product. Mortgage renewal time presents a great opportunity to revisit your needs and choose mortgage options that will bring you closer to your goals. For example, you might choose to:
- Increase your mortgage payments to reduce your total interest cost and be mortgage-free sooner.
- Select a mortgage with a longer term than you originally had to secure a rate for a longer period of time.
- Select a mortgage with a shorter term to give you the flexibility to change your choices sooner.
- Switch from a variable to fixed rate mortgage (or vice versa).
- Switch from an open to a closed mortgage (or vice versa).
- Pay down your mortgage principal without added penalties.
- Refinance your home, accessing your home equity to fund additional goals. See Accessing My Home Equity for more information.
Give us a call today for great renewal advice. Whether you are an existing BMO® Bank of Montreal client or inquiring about switching your mortgage over to us from another institution. See Switching my Mortgage for more information. We are always here to help answer any questions you may have and give honest advice about renewing your mortgage.